Aldridge Minerals Announces Filing of Annual Financials

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/

TSX-V: AGMFrankfurt: AIW

TORONTO, Feb. 24, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") today announced it has filed its audited
consolidated financial statements for its fiscal year ended November
30, 2011. For a full copy of the Company's financial statements and
MD&A please refer to www.sedar.com or www.aldridgeminerals.ca.

Recent Highlights:

The following table provides selected audited consolidated financial
information that should be read in conjunction with the consolidated
financial statements and MD&A of the Company.

NOVEMBER 30, 2011

NOVEMBER 30, 2010

NOVEMBER 30, 2009

Loss before income tax

$

4,755,419

$

3,679,402

$

2,694,436

Net loss per share

(0.13)

(0.13)

(0.12)

Cash and short-term investments

4,741,663

1,652,989

1,025,943

Working capital (i)

4,851,708

1,341,791

787,717

Total assets

26,035,391

17,633,378

14,614,197

(i)Working capital equals current assets less current liabilities, and is a
non-GAAP measure used by management.

The Company's capitalized mineral property acquisition and deferred
costs are as follows:

NOVEMBER 30,2010

EXPENDITURES2011

DISPOSALS &WRITE-DOWNS2011

NOVEMBER 30,2011

Yenipazar Property, Turkey

$

11,626,004

$

3,088,393

$

-

$

14,714,397

Derinkoy Property, Turkey

1,285,695

2,314

(1,288,009)

-

Exploration Licenses, Turkey

1,486,364

68,849

(1,407,293)

147,920

License, Papua New Guinea

562,513

2,822,395

-

3,384,908

Total Mineral Properties

14,960,576

5,981,951

(2,695,302)

18,247,225

$11,200,000 Financing - On February 8, 2012, the Company announced a non-brokered private
placement to issue 16,000,000 common shares at a price of $0.70 per
share for gross proceeds of $11,200,000 to ANT Holding Anonim Sti.
("ANT"), a strategic Turkish investor, pursuant to a memorandum of
understanding. The net proceeds from the proposed private placement
will be used for general operations and to complete the Yenipazar
Definitive Feasibility Study ("DFS"). The private placement is subject
to shareholder and regulatory approval.

Yenipazar - DFSLaunched - Jacobs Minerals Canada Inc. was engaged in June 2011 to oversee the
DFS for the Yenipazar project together with a multi-disciplinary team
of consultants. The Company estimates that the DFS will be completed by
the end of calendar 2012.

Yenipazar - Metallurgical Study Results - The results of a metallurgical study of Yenipazar ore as conducted by
G&T Metallurgical Services Ltd. of Kamloops BC, was announced December
1, 2011. The gold gravity concentration tests indicate that about 50%
of the gold is recoverable by gravity concentration. These results are
a solid improvement in the recoveries from those reported in the
Company's Yenipazar Preliminary Economic Assessment prepared by P&E
Mining Consultants (see December 20, 2010 press release). The Company
will continue to work on increasing recoveries at Yenipazar with an aim
to recovering at least 80% of the gold.

Management and Board Changes -During the fiscal year, the Company announced two significant executive
appointments. In June 2011, the Company announced the appointment of
Jim O'Neill
as CFO of Aldridge and in November 2011 the Company
announced the appointment of
Mario Caron
as CEO and Director. In
October 2011, the Company was pleased to announce the appointment of
Barry Hildred
as Chairman of the Board of Aldridge.

Papua New Guinea - Drill Program - The Company conducted a drill program from August 2011 through
January 2012. The original plan to drill seven holes was reduced to
three holes and a total of 441 metres due to technical problems, slow
drilling and the difficulties involved in operating in a remote
environment. Although the volume of drilling was significantly less
than planned, the mineralization results of two of the holes confirmed
the overall model of porphyry copper mineralization accompanied by
skarn in the adjacent limestone. Aldridge expects to develop and
execute a plan to actively seek partners or transactions which would
allow the Company to realize the maximum value from its investments in
its
Kili Teke
exploration license. Results as announced on January 31,
2012 are as follows:

We invite you to visit us at the upcoming PDAC Convention at the Metro
Convention Centre in Toronto. Aldridge will be exhibiting at the Core
Shack during Session B, March 6-7, 2012 at Booth #5004. A number of the
Company's Turkish-based employees will be on-hand together with samples
from the Yenipazar project.

Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person
as defined in NI 43-101, has reviewed and verified the technical
content of this press release.

About Aldridge Minerals Inc.

Aldridge is a publicly-traded junior exploration company focussed on
advancing its flagship Yenipazar polymetallic VMS deposit (Au, Ag, Cu,
Pb, Zn) in Turkey with a feasibility study, which is building on its
December 2010 Technical Report and Preliminary Economic Assessment. The
feasibility study is expected to be completed by the end of 2012. The
Yenipazar deposit is subject to an earn-in agreement with Alacer Gold
Corp., wherein Aldridge can earn a 100% working interest subject to
certain conditions, subject to a 6% net profit interest ("NPI",
revenues less operational costs) until revenues of US$165 million are
generated, and a 10% NPI from there on.

Aldridge also holds a 338 square kilometre exploration license in Papua
New Guinea known as
Kili Teke
. The license area is prospective for
gold, silver and copper.

This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to,
economic performance and future plans and objectives of the Company.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results. Although Aldridge believes that the assumptions and factors
used in making the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply as
of the date of this new release, and no assurance can be given that
such events will occur in the disclosed timeframes or at all. Aldridge
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.